• EdfaPay raised USD 5 million in Pre-Series A funding led by OmanTel Innovation Labs.
• The funding highlights the growing demand for innovative fintech solutions in the region’s dynamic SME and startup ecosystem.
• EdfaPay’s expansion enhances competition, promotes fintech adoption, and supports regional economic transformation initiatives.

EdfaPay: Pioneering Fintech in the MENA Region

Riyadh-based EdfaPay has secured USD 5 million in Pre-Series A funding to strengthen its position in Saudi Arabia and expand into new markets across the MENA region and Pakistan. 

The round was led by OmanTel Innovation Labs with participation from Aljabr MENA and Waad Investment, signaling robust investor confidence in the company’s fintech vision.

“This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem,” said Eng. Ghormallah Alghamdi, co-founder and CEO of EdfaPay.

The payment processing company aims to empower startups, freelancers, and SMEs by offering seamless payment tools such as SoftPOS technology, secure gateways for e-commerce, and automated invoicing systems—all managed via a unified dashboard.

Driving Innovation and Regional Growth

With its advanced SoftPOS technology, EdfaPay is reshaping the digital payment landscape, enabling businesses to handle transactions efficiently via smart devices. The company has already gained traction in markets like Morocco and Tunisia, and the new funding will enable further expansion into North Africa and Asia.

“EdfaPay has demonstrated impressive international growth,” said Eng. Nedal Sabbah, CTO and co-founder. “Our SoftPOS technology attracts new partners across the region and beyond. With this fund, we will strengthen our technology with new features and enhancements,” added Sabbah.

The Saudi fintech sector is expected to grow by 18% annually, fueled by initiatives aligned with Vision 2030 to diversify the economy and foster innovation. EdfaPay’s expansion supports these objectives by equipping businesses with adaptable financial solutions that drive operational efficiency.

Competitiveness and Market Alignment

EdfaPay’s rapid growth reflects its ability to adapt to global fintech trends. Its solutions align with the increasing demand for cashless payments, with the global digital payment market projected to reach USD 19 trillion by 2026. This raises EdfaPay’s competitive profile with regional players like PayTabs and global giants such as Stripe.

Moreover, EdfaPay contributes to government policies promoting financial inclusion and digital transformation. By offering scalable solutions tailored for SMEs, it supports broader economic goals while meeting the region’s unique demands.

However, challenges remain. Entering competitive markets like Pakistan and maintaining affordability amidst rising costs are potential risks. Similar companies have faced obstacles balancing rapid growth with sustainable operations. For instance, early fintech pioneers in North Africa struggled with customer retention due to inadequate local adaptation.